Survey Shows Customers Expect 5-Day Claims Payouts, Not Paper Checks in Future

The vast majority of insureds expect claim payouts to take no more than five days, a new survey shows.

The survey shows 82% of customers expect claim payouts to take no more than five day, and 1% of respondents were “satisfied” with current processing timelines.

It also shows that while paper check claim payments are common today, 74% of customers expect insurers to eventually embrace fully digital payment methods – 70% expressed a preference for electronic bank transfer.

The survey, conducted by claim treasury and payment service provider Vitesse, involved 1,000 respondents in the U.S., and is intended to shed light on a gap between expectations and the reality of insurance claims processing. Using survey provider, Pollfish, two online surveys were conducted, one of Gen Z (250 respondents) who were assumed to have little or no experience of buying insurance policies. The other survey was of respondents over 18, earning a minimum of $25,000 (1,000 respondents), who were assumed to be existing insurance customers i.e. that they will have insurance policies of some type.

These surveys were conducted in April and May 2023, with respondents from across the U.S.